July Same-Store Sales Drop Nearly 2%
Retailers announced July U.S. same-store sales figures on Thursday morning. Research firm Retail Metrics expects a year-over-year decrease of 1.7% for the month, compared with its prior estimate for a drop of 0.7%. In June, same-store sales were down 0.3%.
After markets close Thursday afternoon, Gap Inc. (NYSE: GPS) is expected to post a decline of 1% across all its stores, with Banana Republic stores down 4.6%.
Here are results from the stores we track:
Buckle Inc. (NYSE: BKE) reported same-store sales for July fell 10.9%, compared with the same month a year ago. The Retail Metrics estimate called for sales to drop 3.9%. Net sales for all stores fell 9.8% and totaled $66.5 million for the month. Net second-quarter same-store sales fell 10.8%, and total sales for the quarter dropped 10.1%.
Buckle’s shares traded up about 0.4% Thursday morning, at $26.57 in a 52-week range of $22.00 to $44.87.
Costco Wholesale Corp. (NASDAQ: COST) reported that July same-store sales, including gasoline sales and foreign exchange effects, were down 3% in the United States, up 3% in Canada and down 2% internationally. Globally, same-store sales fell 2% compared with July 2015. Excluding gasoline and currency exchange effects, U.S. sales were flat, Canadian sales rose 6% and international sales rose 2%. On the same basis, worldwide same-stores sales in the quarter rose 1%. Net sales for the month totaled $8.65 billion. Retail Metrics had projected a same-store sales drop of 0.8% (up 0.8% excluding gasoline sales).
Costco shares traded up about 0.8% early Thursday to $167.46, after closing at $166.12 on Wednesday. The stock’s 52-week range is $117.03 to $169.73.
For July, L Brands Inc. (NYSE: LB) said same-store sales increased 2% compared with last year’s sales. Retail Metrics had estimated a drop of 0.2%. L Brands operates Victoria’s Secret, Pink, Bath & Body Works, La Senza and Henri Bendel stores. The largest gain came from the company’s Bath & Body Works, up 6% year over year in the month. Net sales rose 2% to $759.5 million in July. The company said it expects to report adjusted second-quarter earnings per share at the high end of its previous guidance range of $0.50 to $0.60 per share.
L Brands’ shares traded up nearly 2% Thursday morning to $73.94. Shares closed at $72.52 on Wednesday, and the stock’s 52-week range is $60.00 to $101.11.